the color adjust shader is useful when you would like to manipulate the input color of a shader that reads and works based on color. The cloud layer is one example for that - it uses color information to compute the clouds. Now, the cloud layer for example interprets different aspects of the incoming greyscale color information, to compute e.g. how tall a part of a cloud is, how steep the flanks are etc...
The cloud pack uses the color adjust shader sometimes to move the black point of the incoming greyscale up, or to control the color gamma independently from the cloud layer. Nowadays, the gamma can be controlled inside the cloud layer directly, though.
Regards,
Frank